Certificates of Deposit (CDs) & Individual Retirement Accounts (IRAs)
Anderson Brothers Bank’s Certificate of Deposit Accounts (CDs) allow you to maximize your rate of investment return with savings products that are FDIC insured. Rates of return vary by investment term and penalties apply for early withdrawal. A $500 minimum deposit is required to open any certificate of deposit account.
Anderson Brothers Bank offers competitive rates and a variety of short and long-term Certificates of Deposit (CDs) to meet your investment needs. To find out more, visit any of Anderson Brothers Bank locations to speak to a Customer Service Representative—we’ll be glad to discuss current interest rates and answer any questions you may have.
Features of ABB Certificates of Deposit:
- Flexible terms from 7 days to 60 months
- Competitive interest rate
- Minimum to open CD is $500
- Interest rate remains unchanged during the term of the CD
- Can be automatically renewed at maturity of CD
- Can be used as collateral for a personal loan
CD Early Withdrawal Policy
The early penalty of withdrawal applicable to your CD account is based on the term of the CD. The penalty is not based upon the days left until maturity. If the CD term is one year or less the early withdrawal penalty will equal three months interest on the amount withdrawn. For a CD with a term greater than one year, the early withdrawal penalty will equal six months interest on the amount withdrawn. For withdrawals made within six days after the deposit, a penalty of seven-days’ interest will be imposed.
Whether you’re looking to begin saving for retirement or rolling over your current IRA, there has never been a better time to invest your funds locally with an ABB Certificate of Deposit Individual Retirement Account. To find out more, visit any of Anderson Brothers Bank locations to speak to a Customer Service Representative—we’ll be glad to answer your questions.